Золото прорывает отметку в $30 трлн: что стоит за рекордным ростом? Translation: Gold breaks the $30 trillion mark: whats behind the record growth?

On October 17, gold reached a new price milestone, exceeding $4,380 per ounce. Since the beginning of the year, the value of this precious metal has surged by 64.7%.

With this historic high, the market capitalization of gold has surpassed the $30 trillion mark, now standing 14.5 times greater than that of Bitcoin ($2.1 trillion) and 1.5 times more than the combined valuation of the world’s seven largest tech companies (approximately $20 trillion).

Analysts at Morgan Stanley have linked the gold rally to concerns over a potential bubble in the AI sector, geopolitical tensions, trade disputes, and the devaluation of the US dollar.

On the same day, the Vietnamese government lifted its state monopoly on gold, prompting thousands of citizens to rush to jewelry stores despite rising gold prices, as reported by local media.

Long lines formed in front of the Saigon Jewelry Company in Ho Chi Minh City. Due to the unprecedented demand, the firm implemented special rules: gold bars were sold only through prior online registration.

«I almost couldn’t buy bars, so I had to settle for rings, despite all the limitations,» noted a resident of the city.

Other major retailers faced similar situations. Due to a significant imbalance between supply and demand, Vietnam is experiencing a shortage of gold products.

In the last 24 hours, the price of Bitcoin dropped by nearly 5%, temporarily falling below $105,000. Currently, the first cryptocurrency is trading at around $105,900.

Market participants remain optimistic. According to an analyst known as Sykodelic, once the rise in gold subsides, capital will begin to shift into Bitcoin.

«I don’t understand how most people don’t see the obvious: if gold stops rising, Bitcoin will soar. This is the most transparent maneuver of large capital shifting positions,» he stated.

The expert believes that major players are intentionally suppressing the first cryptocurrency to promote gold and extract maximum profit from it. He suggests that this tactical pressure on the crypto market serves two purposes:

«Then [investors] will crash gold, using consumers as liquidity to exit, turn around, and invest in Bitcoin, causing it to surge dramatically,» emphasized Sykodelic.

Venture investor Joe Consorti added that for Bitcoin to realize a bullish scenario, it needs to lessen its correlation with American stocks. Previously, analysts at CoinGecko reported a zero correlation between digital gold and the S&P 500 index in the third quarter.

An analyst under the pseudonym Merlijn the Trader drew attention to the growing global M2 money supply amid Bitcoin stagnation. The expert speculated that the gap between liquidity and the asset «cannot last long.»

In a separate post, he also drew a historical parallel with 2017 and 2020, noting that after gold reached its peak in those years, Bitcoin significantly increased in value.

Researcher under the pseudonym Ash Crypto suggested that the precious metal might form a local peak during the Federal Reserve’s meeting on October 29.

«After that, we will witness a massive liquidity flow into the first cryptocurrency,» he commented.

Recall that at the beginning of October, Matthew Siegel, head of digital assets at VanEck, stated that the rise in gold would lead to the Bitcoin price increasing to $644,000 per coin.